State Bond Process
- Borrowing proposals are brought to the legislature.
- The Legislature selects and the Governor approves projects they believe should be funded from money borrowed through general obligation (G.O.) bonds.
- A statewide election is held to authorize or reject the bond proposals.
- The Treasurer solicits and aggregates the requests made by each project manager and issues Bond Anticipation Notes (BANS) to provide the stream of funding needed for each project.
- The Treasurer will structure and issue bonds, usually in June, to repay the BANS and to consolidate the new debt into a single bond package.
- The Treasurer tracks the borrowing and spending lines for each project.
- The Treasurer makes payments from state revenues to bond purchasers until debt is paid.